"Although the Proposed Rule does not discard the 'all things being equal' test, for the first time, the DOL is clearly shifting the burden of proof to ERISA fiduciaries making ESG investments in reliance on this test. Plan fiduciaries would be required to document any occurrences where such a tie is purported to exist, including the basis for determining that no distinguishing factor could be found between the competing investments and why the investment was chosen based on the purposes of the plan, diversification of investments, and the interests of the plan participants and beneficiaries.... [T]he DOL has expressed a high degree of skepticism that such 'ties' will actually prove to exist when scrutinized."  MORE >>